Clinton brings his Global Initiative to Chicago

Rick PearsonTribune reporter

Former President Bill Clinton brought his Clinton Global Initiative to Chicago today, gaining commitments to help boost domestic job growth, including a plan from organized labor to invest $10 billion in pension funds to help pay for repairs to public works like roads and bridges and to rehab buildings to make them energy efficient.

"We know we're part of a massive economy," Cliinton told about 700 people involved in business, labor, politics and nonprofit associations in launching the two-day meeting at the Sheraton Chicago Hotel & Towers. "But we also know we have the power to turn things around and that every job matters."

Clinton credited Chicago, where his former White House top strategy adviser Rahm Emanuel is the city's mayor, as a "model for what we can do all over America" when it comes to energy efficiency. Clinton who campaigned for Emanuel, acknowledged he had a "vested interest in him and you're entitled to discount some of it."

"But I predict to you his tenure as mayor of Chicago will be one of the most brilliant chapters in this city's long and storied history," Clinton said.

Emanuel, inaugurated just more than a month ago, said he has so far been able to announce the creation of 3,600 private sector jobs since taking over as mayor, even though he has told organized labor that the financially troubled city could layoff public workers unless cost savings in work rules is found.

He cited the private sector creation of jobs in Chicago as a recognition of the new City Hall regime and encouraged business leaders to do more.

"I will make the tough decisions that are necessary, but we're making those tough decisions so you have the confidence to invest in our city," Emanuel said. "If you see us willing to shape our future with a sense of confidence, you'll have a sense of confidence to invest in our city."

Clinton's six-year old global initiative has traditionally focused on international development, receiving nearly 2,000 commitments worth $63 billion for investments that he said helped 300 million people in 180 countries. But the Chicago meeting is the first Clinton Global Initiative gathering focused solely on the U.S. and its troubled job climate.

Chief among the initiatives Clinton unveiled was a plan presented by the AFL-CIO to work with money managers, pension funds, asset consultants, developers and federal, state and local government to use at least $10 billion in workers' capital for public infrastructure repairs over the next five years. Union officials said they have hopes their offer will spur creation of a National Infrastructure Bank to spur subsidized bonds for public works projects.

At the same time, the AFL-CIO committed to invest up to $20 million of investment funds for energy efficient retrofitting commercial and public buildings.

Clinton said the retrofitting would allow organized labor to make "not exorbitant but predictable positive returns" in its investments, paid off by the savings in energy usage.

"This is huge. This I the first time we've ever had anybody willing to put enough money into this to prove what I know is the truth," Clinton said.

Other commitments included a pledge by Onshore Technology Services to create 1,000 information technology jobs during the next five years in rural Missouri, including Joplin, the site of a devastating tornado that wiped out 4,000 jobs. Clinton said the firm also plans to replicate the program in other rural communities, creating 12,000 IT jobs during the next decade that otherwise might go overseas.

Clinton also said the international microlending company Kiva was launching an initiative in Detroit. The Kiva City project would allow people to invest in small businesses in the economically troubled city. The project, which was seeded by a $1 million donation from Visa, is expected to roll out to other American cities over the next two years and provide $3.5 million to 500 small businesses.

Among those speaking at the conference are Treasury Secretary Timothy Geithner, who will offer closing remarks, and Agriculture Secretary Tom Vilsack.